World Bank Group Sign an Agreement with ISA for India’S Solar-Energy Program [ Current Affairs ]

(July 1, 2016)

The World Bank (WB) Group has signed an agreement with the International Solar Alliance (ISA) to provide more than 1 billion dollars to support India’s solar energy program. In New Delhi, the agreement was signed in the presence of World Bank Group President Jim Yong Kim, Union Power Minister Piyush Goyal and Union Finance Minister Arun Jaitley.

Image shows the sing of world Bank Group

The World Bank (WB) Group has signed an agreement with the International Solar Alliance (ISA) to provide more than 1 billion dollars to support India’s solar energy program

In this agreement:

World Bank will endorse projects such as solar rooftop technology, infrastructure for solar parks, introducing new solar and hybrid technologies to market and transmission lines for solar-rich state.

WB will provide 625 million dollars for India’s grid-connected rooftop solar programme that will finance the installation of at least 400MW of solar photovoltaic installations.

By transferring thermal generation, it will provide clean, renewable energy and reduce greenhouse gas emissions. World Bank will also collaborate with the 121-members.

ISA to propel 1 trillion dollars in investments by 2030 to support solar energy worldwide.

For this purpose, World Bank will develop a roadmap to mobilize financing for development and deployment of inexpensive solar energy.

It will also work with other multidimensional development banks and financial institutions to develop financing instruments and to support solar energy development.

International Solar Alliance (ISA):

International Solar Alliance is India’s first international and inter-governmental organization covering of 121 Countries. United Nations is its Strategic Partner.

ISA was mutually launched by India and France in November 2015 during the United Nations climate change conference (COP21) in Paris.

ISA headquarters in Gurgaon, India.

It brings to empower solar-rich countries located between the torrid zone of Cancer and torrid zone of Capricorn to make combined efforts to tune solar energy to generate the electricity.